The first charter was granted to Asheville Federal Savings and Loan Association in February 1936 and the Association opened in April that year. The first offices were at 12 Church Street (across the street from the current location) and Charles D. Parker was elected as the first President. In January 1942, Asheville Federal moved to 16 Church Street and by year-end the Association had almost 4,000 members and assets of just over $4 million. Continued growth resulted in moving again, to the street level floor at 18 Church Street, and by the end of 1955, assets stood at over $13 million.